IA124-3-FY-CO:
Mathematics and Statistics for Economics and Business

The details
2023/24
Essex Pathways
Colchester Campus
Full Year
Foundation/Year Zero: Level 3
Current
Thursday 05 October 2023
Friday 28 June 2024
30
07 November 2023

 

Requisites for this module
(none)
(none)
(none)
(none)

 

(none)

Key module for

BSC N401 Accounting (Including Foundation Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BSC N391 Banking and Finance (Including Foundation Year),
BBA N104 Business Administration (Including Foundation Year),
BBA N104CO Business Administration (Including Foundation Year),
BSC N201 Business Management (Including Foundation Year),
BA L102 Economics (Including Foundation Year),
BSC L103 Economics (Including Foundation Year),
BSC N301 Finance (Including Foundation Year),
BA L118 Financial Economics (Including Foundation Year),
BSC L117 Financial Economics (Including Foundation Year),
BSC N124 International Business and Entrepreneurship (Including Foundation Year),
BSC N124CO International Business and Entrepreneurship (Including Foundation Year),
BA L160 International Economics (Including Foundation Year),
BSC L161 International Economics (Including Foundation Year),
BSC N2N5 Marketing Management (Including Foundation Year),
BA L190 Management Economics (Including Foundation Year),
BSC L191 Management Economics (Including Foundation Year),
BSC N505 Marketing (Including Foundation Year),
BSC N505CO Marketing (Including Foundation Year),
BA LX14 Financial Economics and Accounting (Including Foundation Year),
BSC LG04 Economics with Data Science (Including Foundation Year),
BSC N347 Finance and Management (Including Foundation Year),
BA LX10 Business Economics (Including Foundation Year),
BSC C149 Economics with Psychology (Including Foundation Year),
BSC N358 International Business and Finance (Including Foundation Year),
BSC N358CO International Business and Finance (Including Foundation Year),
BA R113 Economics with Language Studies (Including Foundation Year),
BSC N114 Business Administration and Supply Chain Management (Including Foundation Year),
BSC N114CO Business Administration and Supply Chain Management (Including Foundation Year),
BSC N263 Business and Human Resource Management (Including Foundation Year)

Module description

This module covers the mathematical and statistical skills needed to proceed to any degree course within the Department of Economics and Essex Business School.


The syllabus covers a range of mathematical and statistical topics including basic arithmetic, algebra, sketching and finding key points on graphs, differentiation, measures of centrality and spread, visualizing data, normal distribution, and hypothesis testing. The lecture introduces the topics covered in the module, while the class worksheets and lab sessions develop the skills used to solve relevant problems from each topic. Class worksheets and mini-online assignments are being set and full solutions are provided as part of the feedback process.

Module aims

The aims of this module are:



  • To ensure that students from a wide range of educational backgrounds understand core mathematical skills needed within the study of Economics and Business.

  • To develop the ability to acquire knowledge and skills from lectures, classwork exercises, and mathematical software and apply theory to a range of weekly tasks.

  • To develop students' ability to use these skills in their subsequent degree courses.

  • To equip students with the mathematical techniques needed to solve problems involving arithmetic, algebra and differentiation and to clearly structure their solutions and conclusions.

  • To give students the ability to present and interpret data clearly and unambiguously, both by hand and with the use of Excel software.

  • To give students an understanding and ability to calculate statistical measures and set up hypothesis tests.

Module learning outcomes

By the end of this module, students will be expected to be able to:



  1. Understand and use basic arithmetic and algebra.

  2. Plot basic graphs and find key points on graphs.

  3. Understand and use differentiation and partial differentiation to find the gradient of functions of one or two variables and in different Economics and Business applications.

  4. Understand basic statistics and methods of visualising data, and calculate measures of centrality and spread.

  5. Understand the normal distribution and be familiar with reading statistical tables.

  6. Understanding of basic statistical inference and ability to construct simple hypothesis tests.


Skills for your professional life (Transferable Skills)


By the end of this module, you will have practised the following transferrable skills:



  1. Numeracy skills - practising a variety of numerical questions stemming from different areas of Mathematics and Statistics.

  2. IT skills – learning how to use, how to solve different numerical questions, and how to produce tables, graphs and charts in Microsoft Excel. In addition, you would be practising solving mathematics and statistics questions on the Numbas platform.

  3. Time management – developing time management skills in order to complete Numbas assignments, worksheet questions and Excel exercises in the specified time frame to best prepare you to complete assessed work on time and to a high standard.

  4. Applying theory to practice – Mathematics and statistics formulas and theories are contextualized through examples drawn from the fields of finance, economics, business and sustainability from around the world.

Module information

Syllabus



  • Basic arithmetic and algebra.

  • Systems of linear equations.

  • Graphical representation of functions shifts in graphs and identification of key points on graphs.

  • Calculus: differentiation of linear and polynomial functions, partial differentiation of functions of two variables, turning points, applications of differentiation in Economics and Business scenarios.

  • Compound interest rates.

  • Descriptive statistics: interpreting data, measures of location and dispersion.

  • Key probability concepts.

  • The normal distribution, reading statistical tables.

  • Inference Statistics: basic hypothesis testing, the z-test.

  • Using Excel to learn key formulas, find summary statistics, carry out statistical computations and create graphs.

  • Practical application of algebra and statistics to economics and business-related problems.

Learning and teaching methods

This module will be delivered via:

  • One 1-hour lecture per week.
  • One 2-hour class per week.
  • One 1-hour lab session per week.

There are two weeks of revision lectures and classes in the Summer Term. The first 10 weeks of the Autumn Term focus on Mathematics, with the subsequent 10 weeks of the Spring Term focusing on Statistics.

Teaching and learning on Essex Pathways modules offer students the ability to develop the foundation knowledge, skills, and competencies to study at the undergraduate level, through a curriculum that is purposely designed to provide an exceptional learning experience.

All lecture notes and exercises are placed on Moodle for easy student access prior to classes. Solutions to all exercises are provided at the end of each week. All textbooks are available through the Library. Listen Again is used as part of learning support through which students can review recordings of teaching sessions at a later date. The relevancy and applicability of topics to the real world are presented and discussed for each main topic. Students with specific learning difficulties are contacted regarding any accommodations required in consultation with DDLO.

Bibliography

This module does not appear to have a published bibliography for this year.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Coursework weighting
Coursework   IA124 In-person, Open Book (restricted) Test 1 - 22/11/2023    50% 
Coursework   IA124 In-person, Open Book (restricted) Test 2 - 26/02/2024    50% 
Exam  Main exam: In-Person, Open Book (Restricted), 150 minutes during Summer (Main Period) 
Exam  Reassessment Main exam: In-Person, Open Book (Restricted), 150 minutes during September (Reassessment Period) 

Additional coursework information

Formative assessment

  • Students engage in weekly worksheets, lab sessions and online assignments and receive in-class feedback.

Summative assessment

  • One-hour in-person, open book (restricted) test 1, to be completed on Numbas
    The first in-class test examines students’ understanding of mathematical concepts taught in the first six lectures of the course. These concepts include prime factorisation, solving basic exercises involving arithmetic operations, solving basic exercises involving algebraic operations, solving systems of simultaneous linear equations, solving linear and quadratic equations, basic linear graphs concepts and solving worded questions.
  • Two-hour in-person, open book (restricted) test 2, to be completed on Numbas
    The second in-class test examines students’ understanding of further mathematical and statistical concepts. These concepts include: solving exercises and worded questions using logarithms, calculus (differentiation, partial differentiation and applications of differentiation), understanding of introductory statistical concepts, descriptive statistics, measures of centrality and dispersion, and methods of visualising data.
  • A 2.5-hour in-person, open book (restricted) exam)
    The exam consists of questions covering all the topics taught during the mathematics and statistics sections of the module. The exam will include topics covered in the first two tests as well as further normal distribution and hypothesis testing questions. Emphasis is put on mathematics and statistics questions relating to economic and business concepts.

Reassessment strategy

  • Failed Exam - Resit the exam which is re-aggregated with existing coursework mark to create a new module mark.
  • Failed Coursework - Resit the exam which counts as coursework and is then re-aggregated with the existing exam mark to create a new module mark.
  • Failed Exam and Coursework - Resit the exam which will count as 100% exam mark. The exam will cover all the learning outcomes.

Exam format definitions

  • Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
  • In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
  • In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
  • In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

Overall assessment

Coursework Exam
60% 40%

Reassessment

Coursework Exam
60% 40%
Module supervisor and teaching staff
Dr Radu-Dragomir Manac, email: rmanac@essex.ac.uk.
Mr Radu-Dragomir Manac
Ms Helen Hearn (hhearn@essex.ac.uk or 01206 872842)

 

Availability
No
No
No

External examiner

Miss Jan O'Driscoll
University of Chester
Dean of Lifelong Learning and Director of Foundation Years
Resources
Available via Moodle
Of 225 hours, 213 (94.7%) hours available to students:
7 hours not recorded due to service coverage or fault;
5 hours not recorded due to opt-out by lecturer(s), module, or event type.

 

Further information
Essex Pathways

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